Laytime can be defined as the amount of time allowed to a ship in a voyage charter for loading and unloading of cargo at a port. If a ship fails to complete the work during this allotted time and the ship is required to stay at a port for a longer time, then demurrage (fine) is incurred to the ship owner. The fine is often paid by the charterer to the ship owner as the former wants to use the ship for longer than decided time. However, if the charterer requires less than the defined lay time, the ship owner might be required to pay to the charterer. These terms are pre-defined by the charter party dealing with the whole process.